Why is it important to keep records? This is because it helps you identify the sources of your income and help you in deciding whether you should apply for a GST/HST.
Food and Beverage business is one of the fastest-growing industries. Statista reported that the food and beverage industry will increase its revenue to 27 million USD by 2023.
Having tasty food, unique branding, instagramable ambiance, competitive pricing, enthusiastic and delicate packaging can definitely sustain you in the competition. But with our ever-changing technology, Consumers are now more demanding with quality and presentation which also redefined the sales strategy of this industry.
This is how you want people to look at you. Are you the fancy restaurant where a guy can propose to his girl? Or is this the café where students would like to stay at to review? Or maybe a Bar or Bistro where office people can conduct team lunch or dinner? Do you sell milk teas for a vegan? Or are you offering fruit pastries for a sweet tooth? You have to clearly define what exactly are you offering and who will be your patrons. Then you must find your unique selling point. It is also essential that you create a positive banding image and a good example is when you sell services or products that not only benefit you and your consumer but are also earth-friendly.That's how Starbucks's branding made a strong impact on consumers.
Social Media marketing is a sure thing most businesses are into. But there are so many platforms out there and you don’t want to be overwhelmed with how it all works to expand your network. It is best to focus on 1-2 platforms. Knowing who your target audience is a huge help in deciding which platform you want to use. Especially, there is now free analytics that tells you where a specific group of the audience goes. You also don’t have to spend too much with how to start with your marketing in any of these platforms, you only have to identify your available resources, if you’re good in photography and in making nice graphics then use Instagram if you make fun music videos TikTok will work best for you. Social media is a relationship too so explore and grow with your audience!.Monthly Active User Report Source: Statista.
Food and beverages need to be comforting and it should be conveniently available to consumers. Do you still remember the age where deliveries are only offered by huge and popular restaurants? Thanks to technology! Now, even start-up business and small restaurants can take their product online with easy access to the menu and fast delivery. When it comes to innovation we also mean to keep up with how you present your product, like a vending machine that shows you how the juice is being squeezed before dropping it out. Or a coffee vending machine that allows you to mix your own flavor of the coffee. You can also follow the trend of having an organic menu or any product that has vitamins that makes a skin glow! Think out of the box when it comes to offering your product.
There are a number of different ways when it comes to marketing in the food and beverage industry. Along with the changing technology, the consumer perceptive in buying products also changes. Strategizing your marketing campaigns also needs to level up! So make sure to brand innovatively, Know which social media platform works best for you, re-invent your presentation and make things convenient for your target market, Have a brand look makeover, and always provide service beyond expectation!